South Africa’s President Cyril Ramaphosa has launched a groundbreaking six-member task force to tackle global wealth inequality, a first-of-its-kind initiative for the G20. The task force, chaired by Nobel Economics Prize laureate Joseph Stiglitz, aims to find practical solutions to the growing wealth gap between the rich and the rest of the world.
The task force will examine the impact of global wealth inequality on economic growth, poverty, and multilateralism, with its findings set to be presented to G20 leaders in Johannesburg this November. According to Ramaphosa, the initiative seeks to address the pressing issue of inequality, which “undermines dignity and the chance for a better future”.
The task force’s members include prominent figures such as UNAIDS Executive Director Winnie Byanyima and development economist Jayati Ghosh. Stiglitz emphasized that “inequality was always a choice – and G20 nations have the power to choose a different path on a range of economic and social policies”. The World Inequality Report cited by Ramaphosa reveals that the poorest half of the world’s population owned just 2% of global wealth in 2021, while the richest 10% controlled a staggering 76%.
This initiative is part of South Africa’s G20 presidency efforts to highlight issues affecting poorer nations, including rising inequality and sovereign debt burdens. The United States will take over the rotating G20 presidency at the end of the year. The task force’s goal is to turn public frustration over inequality into actionable policy proposals for G20 leaders, ultimately promoting a more equitable global economy